ATF Study Group Session 3 | 2026 Financing Transitional Technologies: CCUS and CCGT

The Asia Transition Finance Study Group (ATF SG) held the third study group session of 2026 on 8 June (Mon). 

The ATF SG held its third study group session of 2026 on 8 June via Zoom, a deep-dive on financing transitional technologies for gas-to-power decarbonization in Asia, focusing on combined cycle gas turbines (CCGT) paired with either fuel switching or carbon capture, utilization and storage (CCUS). The session opened with an agenda overview, a recap of the previous pulse survey, a poll on members' wider energy transition priorities, and a Secretariat framing of why gas-to-power is becoming transition eligible while facing a financial shift. 

Mr. Toshiro Fujimori from IHI Corporation presented ammonia as a fuel for power generation, covering its properties as a hydrogen carrier, the principal combustion challenges, and IHI's progress toward 100% ammonia firing in gas turbines and ammonia co-firing in coal boilers, together with the roadmap to commercialization around 2030. IHI highlighted at last, that Coal-NH3 co-combustion has potential to provide viable decarbonization solution with small investment and to contribute not only decarbonization, but also energy-security. 

Dr. Tubagus Aryandi Gunawan from the ASEAN Centre for Energy (ACE) presented the role of natural gas in ASEAN’s energy sector, particularly in power generation, the technological options and typical costs across the CCUS value chain, and the evolving CCUS policy and regulatory landscape across ASEAN, with Indonesia and Malaysia as advanced examples. 

The Secretariat closed by framing the financing question around three system-level issue areas common to both pathways, namely transition eligibility, operational deliverability, and cash flow viability, which financial institutions should assess together when evaluating such projects. 

The session concluded with engaging discussion among participants.